🎄It’s the most festive time of the year. #itskeytime Keystone-Mortgage.com

2 317 hours ago

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#mortgagetiptuesday “10 Closing Costs” to be aware of when buying a home {not all may be applicable for you}
6. Title insurance - you will see this fee on the statement of adjustments from your solicitor. This is mandatory for lenders. You can purchase a personal title insurance policy also which protects against fraud.
7. Mortgage insurance - if you have less than 20% down payment, it is mandatory in Canada that your mortgage is insured through either CMHC, Genworth or Canada Guaranty. This fee will be added to your mortgage amount and not paid out of pocket.
8. New construction costs- If you are buying a new home there could be additional upgrade or landscaping fees etc. New homes are also subject to tax.
9. Prepaid costs- if the seller has paid property taxes for the year (most common), water bills or utilities in advance, this will need to be reimbursed to them and you will find this on your statement of adjustments.
10. Moving in costs - keep in mind the additional fees that you may incur for the big day such as renting a moving truck, hiring a cleaner, locksmith, etc.
#1-5 posted last week. If you require any clarification on the above, please don’t hesitate to contact me. Contact info in bio. .
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#realestate#realestatetips#realestatekelowna#kelownamortgagebroker#mobilemortgagespecialist#kelowna#westkelowna#imakelivingaffordable#closingcosts#mortgagetips

It’s the holiday season and you may have various lists!
Making your holiday payments on time will help you improve your credit score. Your credit score is a measure of your financial health and can make you a good candidate for a Mortgage loan 🏠

Annual Mortgage Payment + Property Tax + Other Debt Payments
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Gross Family Income
#TRIVIATUESDAY:
A Total Debt Service Ratio (TDS), just like a GDS ratio is also a measure used by Lenders to determine the proportion of gross income, however unlike GDS, TDS Ratios also account non-housing related payments.
Basically, they consider amounts which have already been spent on housing-related payments and other similar payments. Lenders consider each borrower’s property taxes, credit card balances and other monthly debt obligations to calculate the ratio of income to debt and compare the number to the lender’s requirement for extending credit.
A TDS ratio helps lenders determine whether a borrower can manage monthly payments and repay borrowed money. When applying for a mortgage, lenders look at what percentage of a borrower's income would be spent on the mortgage payment, real estate taxes, homeowner's insurance, association dues and other obligations. Lenders also figure in what portion of income is already used for paying credit card balances, student loans, childsupport, auto loans and other debts showing up on a borrower's credit report.
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#Trivia#TipTuesday#Mortgage#MortgageTips#MortgageAdvice#MortgageBrokers#Mississauga#TDS#TDSRatio

Annual Mortgage Payment + Property Tax + Other Debt Payments
_____________________________________________
Gross Family Income
#TRIVIATUESDAY:
A Total Debt Service Ratio (TDS), just like a GDS ratio is also a measure used by Lenders to determine the proportion of gross income, however unlike GDS, TDS Ratios also account non-housing related payments.
Basically, they consider amounts which have already been spent on housing-related payments and other similar payments. Lenders consider each borrower’s property taxes, credit card balances and other monthly debt obligations to calculate the ratio of income to debt and compare the number to the lender’s requirement for extending credit.
A TDS ratio helps lenders determine whether a borrower can manage monthly payments and repay borrowed money. When applying for a mortgage, lenders look at what percentage of a borrower's income would be spent on the mortgage payment, real estate taxes, homeowner's insurance, association dues and other obligations. Lenders also figure in what portion of income is already used for paying credit card balances, student loans, child support, auto loans and other debts showing up on a borrower's credit report.
_____________________________________________
#Trivia#TipTuesday#Mortgage#MortgageTips#MortgageAdvice#MortgageBrokers#Mississauga#TDS#TDSRatio

0 1114 hours ago

At any given moment, there are millions of homes for sale nationwide! With so many homes from which to choose, it’s no wonder that finding the “best house” can be a challenge! Make a list of your must-have features, then give us a call to begin the process!

Did you know your credit score isn’t the only factor lenders care about? Your DTI could be just as important!
There are two types of DTI: front-end and back-end, and although the thresholds change from loan program to loan program, the basic calculations stay the same.
Front-End= housing expenses/gross income
Back-End= housing expenses + other debts/gross income (Note that “housing expenses” aren’t just your mortgage payment, but also any applicable taxes and insurance, and “other debts” includes all recurring debt payments!) Want to know what kind of loan programs you may qualify for based on your DTI? Contact us!
#hillhurstmortgage#debttoincomeratio#mortgagemonday#homeloans#mortgagetips

Never worry about another bad winter again! Relax knowing every day is the perfect temperature when you reside in the state famous for beautiful weather! Are you ready to make the move? Check out our listings online today!

#MortgageTips Your income and debt-to-income ratio (DTI) determine the amount you'll be pre-approved for. The mortgage company wants to make sure your mortgage is manageable. They also want to make sure you can afford your mortgage with all of your other bills. Interested in purchasing a home in the next 6 months? Email me today. You can start the pre-approval process now. Find out how much you're pre-approved for and how much you'll need for a down payment. You may not need as much as you think! [email protected]